Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA"

Transcription

1 Iowa, Illinois, and Tennessee Heritage Options Health Savings Account HSA

2 The Heritage Options HSA (Health Savings Account) can give you a new, flexible approach to health care. By choosing a qualified high-deductible health plan (HDHP) with Heritage Options HSA, you not only get all the advantages of a UnitedHealthcare benefit plan, but you can put more health care purchasing decisions in the hands of your employees, giving them more engagement in decision making. This control may have a positive impact on your premiums.

3 What is a Health Savings Account? A Health Savings Account (HSA) is a tax-free account combined with a qualified high-deductible health plan (HDHP) that has a minimum annual deductible 1 of $1,050 for individual and $2,100 for family coverage. Both you and your employees can contribute to the account. HSAs are similar to Health Reimbursement Arrangements (HRAs) in that the employer buys a high-deductible health plan and combines it with an account to help employees meet their deductible. Unlike HRAs (which are completely funded by the employer), HSAs can be funded by an employer and/or employee, can follow the employee as he or she changes jobs (called portability ), and can grow in an interest-bearing account. An employee can withdraw the money tax-free for qualified medical expenses. For expenses to be reimbursed without penalty to the employee, the claim must meet the definition of qualified medical expenses under the Internal Revenue Code. The flexibility of Heritage Options HSA Reduce your health care premiums By choosing a high-deductible health plan with an HSA, you may lower your premiums. These savings may be used to help fund your employees HSAs. Choose who pays into the account You have the flexibility of choosing whether to contribute to the HSA. You and/or your employees can contribute to the account. Encourage employees to save for health care in retirement Since unused funds in an HSA can earn interest and roll over from year to year, this feature makes it easier for your employees to save money for health care costs in retirement. The ability to save for retirement can reduce the burden on you to provide this benefit. Choose the amounts The plan design you offer will determine the maximum amount to be paid into the account. (The maximum combined contribution per year is equal to your deductible or the maximum contribution amount of $2,700 for an individual and $5,450 for a family, 2 whichever is less.) Enjoy tax benefits The HSA funds are not taxable to you and can be excluded from an employee s gross income. To understand more about the tax implications, consult with your tax advisor or attorney. Encourage wise health care choices You can help encourage employees to spend their health care dollars more wisely. By having more financial responsibility and awareness of medical costs, employees may be more prudent in their spending choices, and this may help control future premiums. 3 1 Deductible amounts are indexed by the federal government for inflation. 2 These are 2006 limits. Amounts are indexed by the federal government each year for infl ation.

4 When employees need to pay for qualified medical expenses, they have options: Covered medical and pharmacy services Employees can simply use their Exante Health Savings Account Mastercard debit card to cover their financial responsibility for medical and pharmacy services, whether it s a deductible, copayment, or coinsurance. Expenses will be taken from their account balance. For preventive visit copayments and covered pharmacy costs subject to the deductible, the debit card can be used at the time of service. For other medical services, the claim will be submitted to UnitedHealthcare. After the employee receives an Explanation of Benefits, he or she can contact the physician or health care professional to pay the claim from his or her account balance. If an employee has met the deductible and has funds left in the HSA, he or she can use the debit card to pay pharmacy copayments or other coinsurance. 4 Non-covered medical services Employees can also use the debit card to pay for any qualified medical expenses, including those not covered under their health plan. You can find a list of qualified medical expenses at Reimbursement Instead of using the debit card, employees can pay out-of-pocket (e.g., by cash, check, or credit card) and submit an Exante claim form to be reimbursed from their HSA. This form is available on Out-of-pocket Employees can pay out-of-pocket and simply let their HSA grow over time. The interest-bearing account can build up funds tax-free.

5 Built on a solid foundation By choosing Heritage Options HSA, your employees can take comfort in knowing they will be served by a strong health benefits organization that works closely with a strong financial institution. The UnitedHealthcare family of companies offers a wide range of competitive health benefit products and services in selected areas of Illinois, Iowa, Tennessee, and Virginia. Exante Bank 3 is a market leader in the HSA arena, with over 200,000 HSA accounts on the books. It was chartered in 2002 to serve the health care market and is the custodian and administrator of many products offered by Exante Financial Services. The goal of Exante Bank is to enhance the health and well-being industry by integrating the proven platforms of the financial services sector bringing innovation, reliability, and security to benefits delivery, health care administration, and transactions. For more information visit How does Heritage Options HSA work? By choosing Heritage Options HSA, your employees health plan will work like a traditional deductible plan, with coinsurance and out-of-pocket maximum requirements. An entire family deductible must be met before any family member will have services paid for by the plan. Under the qualified HDHP, there are minimum deductible requirements, and the annual out-of-pocket expenses in the plan cannot exceed $5,250 for an individual and $10,500 for a family (amounts indexed each year for inflation). 5 That means that once your employees meet their deductible with or without the help of their HSA they must pay applicable coinsurance amounts (set by your plan) up to their annual outof-pocket maximum. After reaching the maximum, the health plan covers applicable services at 100 percent. Under the Heritage Options HSA, all medical and pharmacy costs (excluding dental, vision, and preventive care services) are subject to the deductible. So, preventive care services are covered according to your specific benefit plan. Such preventive care includes, but is not limited to: Physicals and well visits Periodic health tests Prenatal care and well-child immunizations Selected screening services for numerous conditions, including heart disease and many cancers 3 Your employees also have the option of choosing another qualified trustee to administer their HSA.

6 Example of the Heritage Options HSA process Alex chooses to contribute $1,500 in 2006 on a pre-tax basis from his paychecks into an HSA. His employer contributes $500, for a total of $2,000 in the account (which is equal to the annual deductible). The first time Alex uses the HSA debit card, he picks up an allergy medication and pays the full amount ($150) with his debit card. The claim would be sent to UnitedHealthcare as any other claim, and the amount would be applied to his annual deductible balance: $2,000 Employee contributes $1,500 Employer contributes $500 During the same year, Alex has in-network health care expenses of $860 (including the allergy medicine) that are not considered preventive care. Because his deductible is $2,000, he is responsible for all of these costs. However, he may choose to use his HSA to pay the $860, and he can save the remaining $1,140 to roll over to next year s HSA. (Remember, some employees may opt to cover expenses out of their own pocket and allow their entire HSA to grow over time.) 2006 balance: $1,850 Allergy medicine: $150 Total expenses: $150 The monthly administration fee can be paid by the employer or employee (which may be paid directly from the HSA) and is waived if the HSA balance reaches $5,000. In this example, the employer covers the administration fee. Best of all for your employees, they can use their HSA to pay for any qualified medical expenses, including those not covered under your benefit plan. That may include services such as laser eye surgery, chiropractic or manipulative services, contact lenses, and eligible over-the-counter medications. For a complete listing of IRS-allowable medical expenses, visit balance: $1, balance: $2, remaining balance: $1,140 = 2007 total balance: $3,140 Allergy medicine: $150 Other in-network health care expenses: $710 Total expenses: $860 Employee contributes $1,500 Employer contributes $ remaining contribution: $1,140

7 Advantages of Heritage Options HSA for your employees Enjoy tax benefits With an HSA, your employees contributions, interest earnings, and eligible withdrawals are all tax-free. They can deduct the money that they contribute on their federal tax return, and as long as they use HSA funds to pay for qualified medical expenses, they won t pay taxes on the withdrawals. Unused funds can carry over Any HSA funds not used in a given year will be rolled over to the next year. That amount is added to the HSA in subsequent years. Unlike a Flexible Spending Account (FSA), there is no use or lose it provision with the HSA. Funds can be used for health care in retirement Like an IRA or 401(k), employees have the opportunity to invest in a variety of investment funds and grow their HSA over time. Accumulated funds in the HSA grow tax-free, so employees can set aside funds to pay for health care expenses in retirement. Funds are portable With an HSA, your employees own the account. If employees leave their job, the account is theirs to take wherever they go. More control over health care spending Your employees decide how much money (up to certain limits 4 ) they want to contribute each year, so they may be more careful in how they spend money for health care. Employees can decide whether to pay for health care expenses from the account or save it for future use by paying out of pocket. The HSA is more flexible than other taxadvantaged accounts, such as FSAs and HRAs. Ability to pay for non-covered expenses With an HSA, employees can use the funds to pay for any qualified medical expense, including those that may not be covered under your health benefit plan. HSA funds can also be used to pay for COBRA insurance on qualified long-term care insurance and Medicare premiums (but not Medicare supplemental plans). Easy debit card payment Your employees will have virtually no hassle with claims under an HSA. They can simply use an Exante Health Savings Account Mastercard debit card wherever they use health care services. As long as they have the necessary funds in their account, they can use the card to pay copayments or other out-of-pocket expenses. They will not need to submit claim forms for reimbursement. The HSA can also be used for out-of-network physicians and health care professionals. 7 4 Limits set by the selected deductible level and/or the IRS.

8 Insurance coverage provided by or through United HealthCare Insurance Company, UnitedHealthcare Plan of the River Valley, Inc., UnitedHealthcare Insurance Company of the River Valley, or their affi liates. Administrative services to self-funded plans provided by United HealthCare Insurance Company, United HealthCare Services LLC, or UnitedHealthcare Services Company of the River Valley, Inc. Visit us at OPT HSA EMP 07/ United HealthCare Services, Inc.

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS QUESTIONS AND ANSWERS 1 An Account-Based Health Plan offers employees the choice of paying lower monthly premiums and is designed for you to be in control of your health costs. By enrolling in an Account-Based

More information

Health Savings Account FAQs

Health Savings Account FAQs Health Savings Account FAQs These questions and answers summarize the basic concepts of a Health Savings Account (HSA). It is not intended to provide all the information you need in order to make a decision

More information

These conditions are subject to change. For more information, please visit

These conditions are subject to change. For more information, please visit Health Savings Accounts What is a Health Savings Account? A Health Savings Accounts (HSA) is a tax-advantaged savings account under IRS Code Section 223 that an individual or an employee may establish

More information

FAQs: Health Savings Accounts (HSA)

FAQs: Health Savings Accounts (HSA) FAQs: Health Savings Accounts (HSA) Thank you for choosing NTA Life Business Servicess Group, Inc. to be your HSA provider. We want to make it easy for you to manage and maintain your Health Savings Account,

More information

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield of California

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions (for Core 60 Medical Plan Members) The Health Savings Account (HSA) is a great way to save for health care expenses incurred today or in the future for

More information

Understanding a Health Savings Account

Understanding a Health Savings Account From Roper Insurance & Financial Services Understanding a Health Savings Account Type of Coverage Minimum Annual Deductible Individual $1,300 for 2015 $1,300 for 2016 Family $2,600 for 2015 $2,600 for

More information

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family

More information

Health Savings Account FAQs

Health Savings Account FAQs General What s a health savings account (HSA)? An HSA is an interest-bearing savings account you fund either with before-tax paycheck deductions through WageWorks McKesson s HSA administrator or with tax-deductible

More information

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees 2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees Which retirees are eligible for the Health Savings PPO medical plan option? Pre-Medicare retirees are eligible to enroll

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs.

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs. Kitsap Bank Health Savings Account Guide A tax-smart way for you to manage growing healthcare costs. At Kitsap Bank, we believe that helping you prepare for the rising cost of health care is key to helping

More information

Health Savings Accounts. 2013 Benefits Open Enrollment

Health Savings Accounts. 2013 Benefits Open Enrollment Health Savings Accounts 2013 Benefits Open Enrollment What is a Health Savings Account? The health savings account, or HSA, is an account that you can contribute to on a per-pay-period basis. The money

More information

Health Savings Accounts

Health Savings Accounts 1 Health Savings Accounts Health Savings Accounts Our agenda: Basics about HSAs. Eligibility for an HSA. Contribution, deductible & out-of-pocket limits. Account tips. 2 HSAs The Basics What is a Health

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

Health Savings Accounts (HSA) A healthy way to save

Health Savings Accounts (HSA) A healthy way to save Health Savings Accounts (HSA) A healthy way to save Invest in your health with an HSA A Health Savings Account (HSA) is an individually-owned, tax-free, interest-bearing savings account that is used to

More information

Electing Pre-tax Dollars To Pay For Your Health Care Expenses

Electing Pre-tax Dollars To Pay For Your Health Care Expenses Electing Pre-tax Dollars To Pay For Your Health Care Expenses FSA LPF HSA Your Benefit Options Based On Your Health Insurance Plan BENEFIT OPTIONS You Have Elected a Traditional Health Plan... Low or no

More information

HSA 101. A Quick Overview of Health Savings Account Basics

HSA 101. A Quick Overview of Health Savings Account Basics HSA 101 A Quick Overview of Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical Services

More information

HSA FAQs. Get the answers you re looking for

HSA FAQs. Get the answers you re looking for HSA FAQs Get the answers you re looking for 1. What is a Health Savings Account (HSA)? 2. How is using an HSA like giving myself a raise? 3. Am I eligible for an HSA? 4. What happens if I don t use all

More information

Health Savings Accounts: Common Questions and Their Answers

Health Savings Accounts: Common Questions and Their Answers Health Savings Accounts: Common Questions and Their Answers I. General HSAs II. Qualified High-Deductible Health Plan HDHPs III. Contributions to an HSA Distributions BlueAccount I. General HSAs I.1 What

More information

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield

More information

Health Savings Accounts

Health Savings Accounts Raymond James & Associates, Inc. Anne Bedinger, WMS Vice President, Investments 2255 Glades Road, Suite 120-A Boca Raton, FL 33431 561-981-3661 800-327-1055 Anne.Bedinger@RaymondJames.com www.annebedinger.com

More information

Frequently Asked Questions By Topic

Frequently Asked Questions By Topic H.S.A. FAQ s Frequently Asked Questions By Topic Health Savings Accounts What is a Health Savings Account (HSA)? Why should I consider getting an HSA? What are qualified medical expenses? What is an HSA-eligible

More information

Health. Savings. Accounts. See the difference.

Health. Savings. Accounts. See the difference. Health Savings Accounts See the difference. Better manage and control your rising healthcare costs and premiums with a Seven Seventeen Health Savings Account. As an employer, providing healthcare benefits

More information

Healthy Directions. Information for Employees

Healthy Directions. Information for Employees Healthy Directions Information for Employees U.S. Employees with Salaried Health Care Benefits Healthy Directions is our company s approach to health and health care. Healthy Directions provides two medical

More information

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA)

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) DOES A HIGHMARK HEALTH SAVINGS ACCOUNT (HSA) MAKE SENSE FOR YOU? An HSA is a tax-advantaged savings account that s available to people whose health care coverage

More information

PayFlex Health Savings Account (HSA) Frequently Asked Questions

PayFlex Health Savings Account (HSA) Frequently Asked Questions OVERVIEW AND ELIGIBILITY REQUIREMENTS What is a Health Savings Account? A Health Savings Account ( HSA ) is a tax-advantaged healthcare account created for the purpose of saving and paying for qualified

More information

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT Qualified High Deductible Health Plans (QHDHP) What is a QHDHP? A QHDHP is a medical plan regulated by the

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document

More information

Health savings account Q&As

Health savings account Q&As Health savings account Q&As What are HSAs and who can have them? 1. What is a Health Savings Account (HSA) and how does it work? An HSA is a tax-advantaged account established to pay for qualified medical

More information

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS What is an HSA? A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. Tax-deductible Contributions

More information

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FAQ (Frequently Asked Questions): The following questions and answers will help you better understand Hope College s New High

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take control of your health care and your health care dollars! 14.02.305.1 B (2/07) The Aetna HealthFund Health Savings Account (HSA) A new way to manage your health

More information

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 2 and 4, 2015 Aetna Consumer Financial Solutions products are administered by PayFlex Systems

More information

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program Manage Health care choices and expenses The EmblemHealth Consumer Direct Program 1 Employees can manage their health care expenses today and save for their future. There s an alternative for people who

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

More information

Helping you save and pay for health care expenses now and in the future Aetna HealthFund Health Savings Account (HSA)

Helping you save and pay for health care expenses now and in the future Aetna HealthFund Health Savings Account (HSA) Quality health plans & benefits Healthier living Financial well-being Intelligent solutions Helping you save and pay for health care expenses now and in the future Aetna HealthFund Health Savings Account

More information

The Fundamentals of Health Savings Accounts 2013

The Fundamentals of Health Savings Accounts 2013 The Fundamentals of Health Savings Accounts 2013 (revised) VSCPA Benefit Advisors P.O. Box 6505 Glen Allen, Virginia 23058-6505 Tel: 877-998-7272 Fax: 800-317-7337 www.digitalbenefitadvisors.com/vscpa

More information

NO DEDUCTIBLE FOR MANY SERVICES

NO DEDUCTIBLE FOR MANY SERVICES KAISER PERMANENTE FOR INDIVIDUALS AND FAMILIES Deductible Plans How Deductible plans work Deductible plans generally offer lower monthly premiums in exchange for higher out-of-pocket payments for covered

More information

Health Savings Accounts Frequently Asked Questions

Health Savings Accounts Frequently Asked Questions Health Savings Accounts Frequently Asked Questions Health savings accounts put your health care spending in your own hands. You decide when and how to use your health care dollars and you can save on taxes

More information

Old National Health Savings Account

Old National Health Savings Account Old National Health Savings Account Overview What is a Health Savings Account? A Health Savings Account (HSA) is an account that can be funded with your tax-exempt dollars, by an employer, or both, to

More information

HSA 101: A Basic Introduction to Health Savings Accounts

HSA 101: A Basic Introduction to Health Savings Accounts HSA 101: A Basic Introduction to Health Savings Accounts Consumer-Driven Healthcare Thinking about, or already enrolled in an HSA-qualified health plan? Learn everything you need to know starting with

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take control of your health care and your health care dollars! Small Group 41.02.326.1 B (9/08) Aetna is the brand name used for products and services provided by

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way

More information

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs FEATURE Market segment(s) Health Savings Accounts (HSAs) For new sales & transfers from MSA s. Sold as part of Blue Cross Options Blue Plan CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

More information

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs.

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. HSAs are an affordable, innovative way to pay for and manage your health care costs. Anthem

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses* A health savings account (HSA), combined

More information

Aetna HealthFund Health Savings Account Plan

Aetna HealthFund Health Savings Account Plan Aetna HealthFund Health Savings Account Plan Take Control of Your Health Care and Your Health Care Dollars! Administered by Aetna Life Insurance Company. PPO/POS II/OAMC w/rx 41.02.318.1 (7/05) Welcome

More information

The Fundamentals of Health Savings Accounts

The Fundamentals of Health Savings Accounts The Fundamentals of Health Savings Accounts (revised) prepared by Robert H. Spicknall, CEBS Virginia State Bar Members Insurance Center 9954 Mayland Drive, Suite 2200 Richmond, Virginia 23233 Tel: 877-214-5239

More information

NO DEDUCTIBLE FOR MANY SERVICES

NO DEDUCTIBLE FOR MANY SERVICES How Deductible plans work Deductible plans generally offer lower monthly premiums in exchange for higher out-of-pocket payments for covered services. With these plans, you pay full charge for certain covered

More information

Investing in a healthy future has never been so easy.

Investing in a healthy future has never been so easy. Investing in a healthy future has never been so easy. Gain control of healthcare costs. Build a comprehensive retirement strategy. Discover peace of mind. WHAT IS AN HSA? A health savings account (HSA)

More information

HSA Frequently Asked Questions

HSA Frequently Asked Questions Like knowing what you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands. Which is pretty cool. Want to know a little more?

More information

Helping you save and pay for health care expenses now and in the future

Helping you save and pay for health care expenses now and in the future Helping you save and pay for health care expenses now and in the future Aetna HealthFund Health Savings Account (HSA) Health coverage plus a health savings account all rolled into one 13.02.336.1 (10/09)

More information

Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016

Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016 Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016 What is a Health Savings Account (HSA)? An HSA is a health care savings

More information

SUPERVALU: Your Health Savings Account (HSA)

SUPERVALU: Your Health Savings Account (HSA) SUPERVALU: Your Health Savings Account (HSA) Frequently Asked Questions 1. What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a savings account established under the Internal Revenue

More information

2015 HSA Plan Quick Guide

2015 HSA Plan Quick Guide 2015 HSA Plan Quick Guide The HSA Plan consists of two parts that work together to give you more control over how you receive and pay for medical care and services, both now and in the future: the Health

More information

2016 Health Savings Plan and Health Savings Account Questions

2016 Health Savings Plan and Health Savings Account Questions 2016 Health Savings Plan and Health Savings Account Questions Health Savings Plan (HSP) What is the Health Savings Plan? The HSP is a High Deductible Health Plan (HDHP) with coverage that starts after

More information

Health Savings Account HSA Summary

Health Savings Account HSA Summary Health Savings Account HSA Summary Effective January 1, 2016 TABLE OF CONTENTS INTRODUCTION... 3 WHO IS ELIGIBLE... 3 IRS REQUIREMENTS... 3 WHEN IS ELIGIBILITY DETERMINED?... 3 DO MY SPOUSE & I ESTABLISH

More information

Personal Funding Accounts. For Washington groups with 51+ employees

Personal Funding Accounts. For Washington groups with 51+ employees Personal Funding Accounts For Washington groups with 51+ employees LifeWise s streamlined approach LifeWise Health Plan of Washington offers an integrated system for implementing and administering personal

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take control of your health care and your health care dollars! Small Group 41.02.326.1 E (11/10) Aetna is the brand name used for products and services provided

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions Gulfstream and many other General Dynamics companies offer a new type of health plan the Personal Health Account Plan. The Personal Health Account Plan is a high deductible plan

More information

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) Health Savings Accounts (HSA) Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in an HSA-qualified

More information

Employers Guide to Health Savings Accounts

Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals enrolled in a high

More information

Health Savings Accounts

Health Savings Accounts Health Savings Accounts A Guide for Missouri School Districts Forrest T. Jones & Company, Inc. 3130 Broadway Kansas City, MO 64111 800-821-7303 2014 What is a Health Savings Account (HSA)? Health Savings

More information

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide Take Care Learn What s New Aetna High Deductible Health Plan with Health Savings Account Quick Guide The Aetna High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) is designed to give

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses.* A health savings account (HSA),

More information

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS Part I HIGH DEDUCTIBLE HEALTH PLAN (HDHP) Q. What is the HDHP? A. The High Deductible Health Plan (HDHP)

More information

B The Bancorp Bank HSA Program Overview. for. Excellus

B The Bancorp Bank HSA Program Overview. for. Excellus B The Bancorp Bank HSA Program Overview for Overview of The Bancorp Bank HSA Solution for Excellus Agenda Introduction to The Bancorp Bank HSA Eligibility, Features and Benefits Contributions, Distributions

More information

The Alliant Health Savings Account

The Alliant Health Savings Account While RR Donnelley has selected Alliant as the HSA vendor for ease of payroll deductions, RR Donnelley is not responsible for any of the Alliant programs or offerings. This is not an RR Donnelley Welfare

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account Table of contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

2015 BENEFITS. There are important decisions to make. Look inside to learn more.

2015 BENEFITS. There are important decisions to make. Look inside to learn more. 2015 BENEFITS There are important decisions to make. Look inside to learn more. 1 Welcome to Enable Midstream! This is an exciting time to work at Enable Midstream. We are so glad you are part of our team.

More information

GEHA 2014. Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com

GEHA 2014. Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com GEHA 2014 Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com CODE Self Only 341 Self + Family 342 Enrollment checklist 1. Research health

More information

Health Savings Account (HSA) Frequently Asked Questions

Health Savings Account (HSA) Frequently Asked Questions 1. What is an HSA? A Health Savings Account (HSA) is a personal bank account created exclusively for individuals to pay for eligible health expenses and save for future healthcare expenses tax-free. Tax-deductible

More information

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan IU High Deductible Health Plan Health Savings Account & Get Healthy and Get Ahead with the HDHP PPO Plan 2014 PLAN 1Plan Advantages Medical Coverage ADVANTAGE The HDHP PPO & HSA has several advantages

More information

Usually you can use your HRA money to pay for eligible healthcare expenses, such as your health insurance plan's annual

Usually you can use your HRA money to pay for eligible healthcare expenses, such as your health insurance plan's annual 1. 1. What is a Health Reimbursement Arrangement (HRA)? 2. 2. How is using an HRA like giving myself a raise? 3. 3. Am I eligible for an HRA? 4. 4. What happens if I don't use all of the money in my HRA

More information

HEALTH SAVINGS ACCOUNT (HSA)

HEALTH SAVINGS ACCOUNT (HSA) HSAs Triple Tax Advantage Public Employees Benefits Program HEALTH SAVINGS ACCOUNT (HSA) HSAs can be especially beneficial at tax time! One of the key benefits of an HSA is a triple tax advantage! An HSA

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account Table of Contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

THE HEALTH SAVINGS ACCOUNT

THE HEALTH SAVINGS ACCOUNT THE HEALTH SAVINGS ACCOUNT C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of an HSA...................................

More information

HDHP FAQs. General Questions

HDHP FAQs. General Questions HDHP FAQs HDHP = High Deductible Health Plan PPO = Preferred Provider Plan, the regular or traditional healthcare plan HSA = Health Savings Account HRA = Health Reimbursement Account FSA = Flexible Spending

More information

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) Account Overview Tax-exempt trust or custodial account created to pay for the qualified medical expenses of the account holder and his/her spouse or dependents. A cafeteria plan authorized under Section

More information

Focus on Savings. with Health Savings Accounts

Focus on Savings. with Health Savings Accounts Focus on Savings with Health Savings Accounts Health Savings Accounts Putting Your Health Plan to Work for You Find Out How Your Health Plan Can Save You Money The money in your HSA belongs to you and

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take Control of Your Health Care and Your Health Care Dollars! 14.02.305.1 (10/05) The Aetna HealthFund Health Savings Account (HSA) by Aetna Life Insurance Company

More information

HSA Frequently Asked Questions Members

HSA Frequently Asked Questions Members Like knowing that you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands, which is pretty cool. Want to know a little more?

More information

The Health Savings Account User Guide

The Health Savings Account User Guide The Health Savings Account User Guide C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of

More information

More savings. More choices. More focus on your health.

More savings. More choices. More focus on your health. More savings. More choices. More focus on your health. It s all possible when you combine the right health plan with a Health Savings Account (HSA). HSA-PreSale-Brochure_FInal_1_12.indd 2 1/13/12 9:04

More information

A Short Guide to your Optum Bank SM HSA. How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM.

A Short Guide to your Optum Bank SM HSA. How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM. A Short Guide to your Optum Bank SM HSA How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM. Open your HSA with Optum Bank today. It s quick and easy - go to optumbank.com

More information

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Information on how the plan and the accounts work The Consumer Choice Plan 1. How is the

More information

Frequently Asked Questions Lumenos HSA Plan

Frequently Asked Questions Lumenos HSA Plan Frequently Asked Questions Lumenos HSA Plan Lumenos HSA Plan Overview The Lumenos HSA plan gives you medical coverage coupled with a health Savings Account (HSA). Henrico County will provide HSA funds

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take control of your health care and your health care dollars! 14.02.305.1 D (12/08) Aetna is the brand name used for products and services provided by one or more

More information

An Introduction to Health Savings Accounts (HSAs)

An Introduction to Health Savings Accounts (HSAs) An Introduction to Health Savings Accounts (HSAs) This document provides some basic information about Health Savings Accounts, including: HSA eligibility HSA contributions HSA distributions How the account

More information

Straight Facts About the Advantage+ Health Plan

Straight Facts About the Advantage+ Health Plan Benefits and Compensation Annual Enrollment Straight Facts About the Advantage+ Health Plan The Advantage+ health plan has unique features that can appeal to a wide range of employees. The key features

More information

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Background Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Health Savings Accounts (HSAs) began initially as Medical Savings Accounts (MSAs), also referred to as Archer MSAs, named after

More information

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015 Plan Document and Summary Plan Description A Component of the Mayo Flexible Spending Account Plan January 2015 benefits TO BUILD ON TABLE OF CONTENTS Table of Contents INTRODUCTION... 3 Pre-Tax HSA Is

More information

Health Savings Account How it works. What is an HSA? Why you might want an HSA. How the HSA and your health plan work together

Health Savings Account How it works. What is an HSA? Why you might want an HSA. How the HSA and your health plan work together Health Savings Account How it works What is an HSA? An HSA is a Health Savings Account. It s a tax-free way to save and budget for healthcare expenses.* HSA contributions go in tax-free, earn interest

More information

Your Guide to the Health Care Flexible Spending Account and the Health Savings Account

Your Guide to the Health Care Flexible Spending Account and the Health Savings Account Your Guide to the Health Care Flexible Spending Account and the Health Savings Account TABLE OF CONTENTS Introduction...1 Health Care Flexible Spending Account...2 What Is The Health Care FSA?...2 When

More information

HEALTH SAVINGS ACCOUNT Q&A

HEALTH SAVINGS ACCOUNT Q&A HEALTH SAVINGS ACCOUNT Q&A HSA BASICS What is a health savings account or HSA? A health savings account (HSA) is a tax sheltered savings account, which is only offered to people who are covered under a

More information

HSA. health savings account. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans.

HSA. health savings account. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans. HSA health savings account offered with MVP partner banks The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans. MVP HSA: quick look Employee savings account funded by the employer,

More information

Health Savings Accounts

Health Savings Accounts HSAs Health Savings Accounts 2014 and 2015 Limits Questions & Answers What is a Health Savings Account (HSA)? An HSA is a tax-exempt trust or custodial account established for the purpose of paying medical

More information